MN HF4841

Modifies homestead market value exclusion thresholds for assessment years 2023-2024: homes valued at $107,450 or less receive 40% exclusion; homes valued $107,450-$585,000 receive $42,980 minus 9% of value over $107,450; homes valued at $585,000 or more receive no exclusion.

Resets exclusion thresholds for assessment year 2025 and thereafter: homes valued at $76,000 or less receive 40% exclusion; homes valued $76,000-$413,800 receive $30,400 minus 9% of value over $76,000; homes valued at $413,800 or more receive no exclusion.

Increases homestead credit state refunds for 2023-2024 property taxes by $500 maximum and reduces percent paid by claimants by 5 percentage points.

Expands homestead credit refund eligibility to claimants with household income up to $155,000 (previously $126,290) with graduated parameters based on income brackets.

Increases additional refund maximum from $1,000 to $2,000 and reduces credit formula from 12% to 10% for 2023-2024 property taxes only.